What Is An Estate Plan and Do I Need One?

At Lopez Bezanilla LLP, we believe every individual can benefit from having a comprehensive estate plan in place. But what exactly is an estate plan, and why is it so crucial for you and your loved ones?

Understanding Estate Planning

An estate plan is a comprehensive legal strategy encompassing a few documents that determine how your assets will be managed and distributed both during your lifetime and after your passing. Many people mistakenly believe estate planning is only for the wealthy when in reality, everyone has an estate—your home, vehicles, bank accounts, investments, life insurance, personal possessions, and even digital assets all comprise your estate.

Why You Need an Estate Plan:

Avoid Probate

• Without an estate plan, your assets will likely go through probate—a court-supervised process that can be lengthy and expensive. In Miami-Dade County, even simple estates typically take 6-9 months to close, requiring attorney fees throughout the process.

Protect Your Wishes

• Florida law dictates who receives your property if you pass without an estate plan. With proper planning, YOU decide who inherits your assets, rather than letting state laws determine your beneficiaries.

Protect Your Minor Children

• One of the most important aspects of estate planning is designating guardians for your minor children, ensuring they'll be cared for by people you trust in ways you believe are most beneficial for them.

Flexibility and Customization

• Estate plans can be highly customized to fit your unique situation:

  • Create spendthrift provisions that protect assets from beneficiaries' creditors.

  • Establish schedules of payment so beneficiaries don't receive assets until they reach certain ages or milestones.

• Structure your plan to accommodate family dynamics and protect vulnerable family members.

Peace of Mind During Difficult Times

• A comprehensive estate plan provides clarity during already stressful situations, sparing your loved ones from making difficult decisions about your care or your assets.

Essential Components We Recommend

At Lopez Bezanilla LLP, we tailor each estate plan to our client's unique situations, typically including:

• Revocable Living Trusts: These powerful tools help our clients avoid probate while maintaining control of their assets during their lifetime.

• Wills: We draft straightforward, legally sound wills that serve as the foundation of your estate plan, naming a personal representative and beneficiaries.

• Powers of Attorney: We prepare financial and healthcare powers of attorney that appoint trusted individuals to make critical decisions if you cannot.

• Advance Healthcare Directives: These documents specify your medical treatment preferences and appoint someone to ensure your wishes are respected.

When to Contact Lopez Bezanilla LLP

Life changes and your estate plan should evolve accordingly. Our clients typically consult us after major life events such as marriage, divorce, the birth of children, significant financial changes, or relocating to a new state. Even if you've previously created an estate plan, we recommend periodic reviews to ensure it reflects current laws and your present wishes.

At Lopez Bezanilla LLP, we are committed to creating customized estate plans that protect what matters most to you and provide lasting security for your loved ones.

Contact us today to schedule a consultation and take this critical step toward securing your legacy and your family's future!